Withdrawals from the cryptocurrency staking platform Freeway have been temporarily stopped. The website cited erratic FX and cryptocurrency markets as the cause of their measures.
The Suspension of Its Investment’s Initiative
The project’s sudden change could signify that there will soon be another upheaval in the cryptocurrency industry.
The cryptocurrency program offers supercharger investments. The website claims that superchargers can produce annual returns of up to 43%.
It takes deposits in both fiat money and cryptocurrencies and then transfers those funds to authorized brokerage accounts.
As all of you will be aware, there has been unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times. pic.twitter.com/9aHsWbm1So
— Freeway (@FreewayFi) October 23, 2022
Additionally, the website no longer accepts purchases and deposits. The notice sent out on October 23 made this clear.
In addition, no Supercharger simulators will be purchased by the project. This will continue to be the case until their modified strategies have been applied.
Freeway is a lesser-known project from the perspective of the more major cryptocurrency sector. Additionally, the native Freeway (FWT) token of the platform lost around 80% of its value. This was a direct result of the unanticipated event.
Before the calamity, the project had a market valuation of less than $70 million, but it is now just $10 million. The project’s website states a cumulative locked value of $160 million.
A Modest Cryptographic Task of Substantial Importance
On the other hand, there are currently no sizable whales hoarding the project’s tokens. Four thousand three hundred forty-two of its token holders received airdrops, which is the majority. This has kept the holdings mainly in an ideal condition.
Recent updates from the site indicate that the team is looking at other strategies. Diversifying its asset holdings and reducing its “exposure to future market changes and volatility” will be the new strategies. Conversely, it did not provide any further information.
Users will be notified when the project is prepared to restart partial Supercharger simulation purchases (buy-backs). The project disclosed this in an announcement.
They continued by saying that at the conclusion, they will begin making complete Supercharger simulation purchases in addition to on-platform deposits and investments using Freeway Tokens (FWT).
But when the project’s administrator looked into the personnel files, this raised a huge red flag.
Two hours ago, Freeway halted all platform withdrawals. They also wiped the names of all team members from their website. It looks like it's over. Another $100m+ rug. https://t.co/CUHZRygRGM pic.twitter.com/BJE4QMtkPy
— FatMan (@FatManTerra) October 23, 2022
Everyone on the team is working hard, according to the project moderator. These attempts are being made to restart buy-backs of partial Supercharger simulations and restart complete Supercharger simulation purchases.\